Madison Dearborn Executive Lists Historic Lincoln Park Mansion

A top private equity executive is testing Lincoln Park’s luxury market with a historic listing.

Tom Souleles, vice chairman and former co-CEO of Madison Dearborn Partners, and his wife, Cia, have put their 1880s Italianate-style home on the market for $6.5 million, Crain’s reported. The asking price for the five bedroom house is $956 per square foot. The 6,800-square-foot house sits on a nearly double lot at 1964 North Burling Street, one of the most exclusive blocks in the city.

The couple bought the property in 2002 after it was restored by developer Fred Latsko’s firm, though the sale price wasn’t disclosed in public records. They later acquired the adjacent lot, creating a 50-by-123-foot parcel that gives the home a lawn, patio, rooftop decks and room to entertain. Colette Cachey Smithburg and Joelle Hayes of @properties Christie’s International Real Estate have the listing.

“It’s a piece of history,” Smithburg told the outlet, noting the carved stone façade, ornate cornice brackets and preserved details like stone mantels and curved staircase railings. The main floor features herringbone-patterned hardwood floors, high ceilings and crown moldings, while a top-floor penthouse room with a bar opens onto a large rooftop deck tucked away from street view.

The property is in a neighborhood long reshaped by mega-mansions. The Burling corridor just south of Lincoln Park High School has seen teardowns give way to new construction over the last two decades. One neighbor’s palatial estate fetched more than $15 million last summer, while a modern villa next door closed for $6.75 million in July.

The listing underscores the appetite for historic homes that survived Lincoln Park’s building boom. While many buyers have opted for glassy new builds, well-maintained 19th-century properties with extra land are rare and command a premium.

— Eric Weilbacher